Chairman’s Corner

KBA CHAIRMAN’S CORNER by James A. Hillebrand Chairman & CEO, Stock Yards Bank & Trust Co. 2021-2022 KBA Chairman

EMBRACING THE “Great Retention”

Every challenge is an opportunity. For many of us, one of the biggest hurdles facing our banks in 2022 is our people.

By now, you’ve heard of the “Great Resignation” – an economic trend where employees are resigning from their positions en masse, at a pace never seen before. I challenge you to think of it instead as the “Great Retention.”

This growing trend is a reminder of the importance of intentional and proactive actions to retain the employees you have. Here are some questions to ask yourself and your management staff to explore where you can improve your retention and attraction efforts.

Are we listening to our employees?

One fantastic tool we’ve found is the annual “Best Banks to Work For” employee satisfaction survey through American Banker. I was happy to see several Kentucky banks on this year’s list alongside Stock Yards Bank & Trust including United Community Bank, Independence Bank, and Kentucky Farmers Bank.

I personally read every single comment that comes back through those surveys. Our team combs through responses to identify themes, grade our own performance and create actionable plans for improvement.

Every bank should have dedicated staff and feedback channels to collect and review constructive criticism from employees and work to foster an environment that encourages employees to speak up and provide their perspective. In many cases, employees don’t quit jobs, they quit managers or environments. Actively listening can ensure that any potential issues are identified and resolved before they push good team members out the door.

Are we living our core values?

Stock Yards Bank is proud of its history and values – and we work to ensure our staff is too.

We review our core beliefs each year to adapt and evolve along with our business and industry. We talk a lot about the ‘why’ behind those core beliefs, both internally and externally, to build trust and loyalty. While you may think all employees know what your company stands for and how it got where it is today, you could be surprised to find they aren’t as rooted in your team as you’d like. Look to identify ways to live your philosophies and show pride for what your bank has overcome.

Are we celebrating each other?

Don’t leave it up to the company to plan events and congratulate your teams.

At Stock Yards, we ask our managers to go above and beyond to celebrate members of their staff on birthdays, holidays and any day when recognition and encouragement could be warranted. Taking an interest in the priorities and affinities of staff gives us opportunities to personalize our approach to management and celebrate each other better.

We also encourage community involvement so that staff can choose the charities and causes that mean the most to them. This gives individuals a sense of accomplishment that’s tied to the work they do for you.

We also create awards programs based on our core values to ensure our employees actions match our overall vision. Here we can honor staff in a way that’s meaningful and authentic.

Are we building a path forward together?

We talk a lot about building relationships with customers, but internal relationships are just as vital.

Talk openly and honestly with staff about where the bank is going and how we can get there together. Managers should be empowered to meaningfully review each employee annually. This means giving managers the time and tools they need to focus on individual staff members and work with them to chart their course with the company together.

Banks need to also help their teams learn and grow. KBA has a number of valuable training tools and events to further a staff member’s career within your organization. Be sure those opportunities are readily available and encouraged among your team members.

continued: Embracing the “Great Retention”

Are we able to offer more?

Every bank can offer a unique benefit to its employees. If you don’t have the ability to raise wages or beef up benefits packages, explore what you can offer that no one else can.

Think about what’s special to your bank, its location or your overall values to brainstorm added benefits to include. It doesn’t have to be expensive! This could be celebrating your bank’s anniversary or just finding a small and unexpected way to show your appreciation.

Are we attracting the right talent?

Retail positions are especially tough to maintain good staff with some of the highest turnover rates. As more in-bank positions move from being transaction-focused to service-oriented, working to attract the right talent can lead to higher retention rates.

While incentives and promotions may increase the volume of applications, you might not find the best fit for your bank. At Stock Yards, we work to engage our managers and team members in prospecting new talent to fill current and future needs. Are we only looking at experience?

Great employees have intangible elements to their personality that help them thrive. We always look beyond the resume to explore how an employee fits with our core beliefs and our culture.

Are they friendly and professional? Do they emit positive energy? Are they smiling?

We look for a ‘do whatever it takes’ mentality to put the customer first and prioritize the needs of the people and businesses we serve.

Be sure that your core values and beliefs are part of the interview process. You are selling your business and culture to a potential new hire as much as they are selling themself to you.

Are we ready for what’s next?

Making it through this “Great Retention” is just one step in the journey, invest in your team now to navigate whatever the future brings.

We’ve also found that referrals from current team members often deliver better leads. Who better to pitch your business than the ones who know and live your values already? Current employees grasp what it takes to be successful and can see who does and doesn’t fit.

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